By Cristal Cody
Tupelo, Miss., April 24 – The TCW Group priced $408.6 million of notes due April 25, 2031 in a new CLO transaction, according to a market source.
TCW CLO 2018-1, Ltd./TCW CLO 2018-1 LLC sold $215 million of class A-1a floating-rate notes at Libor plus 105 basis points, $25 million of 3.88% class A-1b fixed-rate notes, $4 million of class A-2a floating-rate notes at Libor plus 130 bps and $14 million of 4.14% class A-2b fixed-rate notes.
TCW CLO placed $21 million of class B-1 floating-rate notes at Libor plus 175 bps and $25 million of 4.59% class B-2 fixed-rate notes.
The CLO also priced $26 million of 4.91% class C deferrable fixed-rate notes, $22 million of class D deferrable floating-rate notes at Libor plus 291 bps, $16 million of class E deferrable floating-rate notes at Libor plus 605 bps and $40.2 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
TCW Group subsidiary TCW Asset Management Co. LLC will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The global asset management company is based in Los Angeles.
| Issuer: | TCW CLO 2018-1, Ltd./TCW CLO 2018-1 LLC
|
| Amount: | $408.2 million
|
| Maturity: | April 25, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | TCW Asset Management Co. LLC
|
| Call feature: | Two years
|
| Pricing date: | April 12
|
| Settlement date: | May 14
|
|
|
| Class A-1a notes
|
| Amount: | $215 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.88%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class A-2b notes
|
| Amount: | $14 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.14%
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B-1 notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.59%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.91%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 291 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 605 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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